NEW YORK, Sept. 18, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of NewYork on behalf of persons and entities that purchased or otherwise acquired Farfetch Limited (NYSE: FTCH) (“Farfetch” or the “Company”) securities pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s September 2018 initial public offering (“IPO” or the “Offering”).
Investors who purchased Farfetch Limited shares are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of Farfetch Limited, you may, no later than November 18, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Farfetch Limited.
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The filed complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors:
- that large scale online wholesale was reasonably likely to lead to pricing volatility and heavy promotions of luxury goods;
- that the Company’s core business was vulnerable to such pricing pressures;
- that the Company would aggressively pursue acquisitions to remain profitable; and
- that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
In September 2018, the Company held launched its IPO in which it sold approximately 50.88 million shares of Class A common stock at a price of $20.00 per share.
On August 8, 2019, Farfetch reported a larger-than-expected loss of $89.6 million for second quarter of fiscal year 2019. The Company also announced a $675 million acquisition of New Guards Group and that its Chief Operating Officer had resigned.
On this news, the Company’s share price fell $8.12, or over 44%, to close at $10.13 per share on August 9, 2019, and has subsequently traded as low as $8.82 per share on September 3, 2019.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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